I can't believe the French have been retiring at 62 thus far.

[PupInAPram]

Seriously, the 64 years Macron wants to put the retirement age up to would be like a dream to me! Wonder how much their pension is?

Just saw on the Government Gateway about pension age 'Under government proposals this may increase by up to a year.'

ARRRRRRRRGGGGGGHHHHHHHHHHHHHHHH

If you were born in the 1970s then expect your retirement age to be 68.

It's under review because the government is too scared to say they need to raise the retirement age due to population demographics.

But at least in the UK the increase in the pension age was announced a long time before any actual changes came into effect. The pensions act came into effect in April 1997 and the changes didn't begin to take effect until 2010 and took about 10 years to complete. However, I do agree that the acceleration of the original changes, brought in by the 2008 act, had a much shorter time scale and women born in the mid 1950s were the worst affected by those additional changes.

Yes, sorry, I was talking about France.

And they used to give years for childrearing, but the new reforms has buggered that up. So the changes are particularly unfair to women. No effort has been made to address this.

women born in the mid 1950s were the worst affected by those additional changes.

We sure as hell were! Thrown under the bus is another way of expressing it.

Also, once retired in France you still have to pay the equivalent of NI.

How silly of them not to realise what's in their own interests? Let them wallow in the fruits of ... higher productivity, better standards of living, higher economic growth ...

The age of retirement and the age you get your state pension aren't really linked. I don't know anyone who retired the day they got their state pension.

You need your own pension if you want a decent retirement. If you just rely on the state pension alone, you'll quite likely have to carry on working unless you want to live out your days in poverty.

and given that people who have reached 62 will generally live into their mid-80s, it's far too young. That generation have already had it made in terms of house prices, final salary pension schemes and job security.

Requiring the younger generations to fund such an early retirement (because that's how it works - your "stamp"'doesn't go into a personalised account that's drawn down as your pension) is taking the piss, and squeezing the younger generation further.

I'm fed of up entitled 60-somethings who don't know when they've been onto a good thing and realise they are the "lucky" generation...

I understand in France there isn't the same culture of additional private pension partly because the state pension is adequate so there is a much stronger link to retirement.

Their foolishness won't just be limited to retirement. Their farmers will look in envy at the post-Brexit cossetting of our farmers. The numbers of UK farmers who voted for Brexit and now have begun to realise the sunny uplands are not green profitable crop-laden fields are negligible, probably.

This is incorrect, 2016 was when the number of years required changed from 30 to 35 for people retiring from that date, not those just starting out on their careers.

As a side note, everyone should be aware that years spent contracted out from the state pension will not count fully, and extra years may need to be worked or voluntary contributions made to achieve full pension.

Congratulations on trying to derail with some boomer bashing. Paying up to 15 years more than necessary towards your state pension doesn’t look particularly lucky from where I’m sitting.

Every generation since the state pension was introduced in 1908/9 has paid for the pensions of those who went before. This was because there was no fund there to fund the scheme when it was introduced.

It is c

It IS correct to say that people starting work from 2016 need 35 years. Below is an extract from gov.uk

It is also correct to say the number of years required for people working before then varies by person.
My point was that people keep quoting '35 years' and we need to make sure that people who started work before 2016 understand they have their own personalized calculations which MAY be higher than 35 years, significantly more for many. Bandying '35 years ' around is really unhelpful and quoted too frequently.

You did not make National Insurance contributions or get National Insurance credits before 6 April 2016
Your State Pension will be calculated entirely under the new State Pension rules.

You’ll usually need at least 10 qualifying years on your National Insurance record to get any State Pension.

You’ll need 35 qualifying years to get the full new State Pension.

You’ll get a proportion of the new State Pension if you have between 10 and 35 qualifying years.

There is no such thing as "paying more years than necessary" for your state pension, as NI is a tax not a contribution to a pension pot.

Those NI contributions you are paying now are paying someone else's state pension.

The same will happen when you retire, someone else will be paying your pension.

Because the state pension isn't a pension, it is a state benefit.

Higher taxes. Separately, the life expectancy has increased 8 years for women and 11 years for men since the 1970s. It's almost 82 years now predicted to be mid 90s in 25 years time. Do people honestly think it's reasonable to pay taxes from say 45 years and live of pensions and benefits for the remaining nearly 20 years? When people are living until they are 100 is it reasonable to still only work 45 years and expect the state to cover you for the remaining 35 years? It's possible but expect unholy levels of taxation if this is stat you want.

Healthy life expectancy is important though @mybeautifuloak particularly when expecting older people to carry on working

Every generation since the state pension was introduced in 1908/9 has paid for the pensions of those who went before. This was because there was no fund there to fund the scheme when it was introduced.

The issue is in the 60s there were 5 workers to 1 pensioner, now it's around 3 workers & will continue to shrink

Indeed. I am not sure people really understand how much smaller gens X and Y are compared to the baby boom generation.

It’ll all be fine when we’re dead. Another 20 years and most of us will be gone.

@Blossomtoes

Congratulations on trying to derail with some boomer bashing. Paying up to 15 years more than necessary towards your state pension doesn’t look particularly lucky from where I’m sitting.

If you are working you NI is not paying for your pension. You're paying for the pensions of pensioners...

In the same way those younger than you will, in effect, be paying for your pension when you take it.

Thinking that boomers recognise this, and the massive benefits that have been bestowed on them by virtue of when they happened to be born is very pertinent to this thread and arguments of what the pension age should be.

No one is Boomer bashing but the generation born between 1946 and 1965 are a massive generational bulge which has created all sorts of issues as that generation has moved through life. The biggset issue is now is the old the asumptions of how state pensions can be funded is beginnng to unravel as the two working age generations below are literally smaller than the one that is now moving in to retirement.

It’ll all be fine when we’re dead. Another 20 years and most of us will be gone.

this doesn't make any sense..